Co-founder of BlackBerry, Mike Lazaridis, sells $26 million worth of BlackBerry shares

Co-founder of BlackBerry, Mike Lazaridis, sells $26 million worth of BlackBerry shares
BlackBerry co-founder Mike Lazaridis, who years later claimed to have understood the implications of the Apple iPhone on BlackBerry's then booming business, has cashed in $26 million worth of BlackBerry stock. The 3.5 million shares that were sold by Lazaridis lowers his stake in the company to 4.99% from 5.68%. The sale was done in two parts starting on Monday when 3.17 million shares were sold at an average price of $7.55. The balance of the transaction, 333,107 shares, were sold at an average price of $7.63.

The SEC Form 13D filed after the stock sale was noteworthy because it canceled Lazarids' stated intention to purchase BlackBerry along with former co-founder Doug Fregins. Both had decided to see if it was feasible to buy the company they had both founded. BlackBerry subsequently agreed to a $4.7 billion buy out from its largest stockholder, Fairfax Financial. But financing could not be obtained for the deal, which ended up failing. Instead, BlackBerry received $1 billion in additional financing, which it has nearly burned through. Fregins still holds 2.26% of BlackBerry.

Since announcing last week a net loss of $4.4 billion for its fiscal third quarter, a number which includes a large charge for a write-off of depreciating inventory, BlackBerry shares have risen 26%

source: TheGlobeandMail via Crackberry

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5 Comments

3. fanboy1974

Posts: 1345; Member since: Nov 12, 2011

I don't blame him. Smart move.

1. Jeradiah3

Posts: 1149; Member since: Feb 11, 2010

If the Co-Founder of Blackberry sells ALL of his own company's stock...................Blackberry is about to down in flames. What message are you sending to everyone when you sell your own stock?? I feel bad for blackberry because a few years ago they were on top of the world even when the iPhone was popular. It goes to show that you cant play catchup in the ever-changing mobile industry

2. QWIKSTRIKE

Posts: 1461; Member since: Mar 09, 2010

Blackberry Storm killed them....they tried to answer Motorola Droid witha touch phone and failed miserably at that. The storm as a touch phone really sucked, ad was buggy to boot. They never recovered from that blunder. They just recently came out with Blackberry 10, and that is what the Blackberry storm should have been. Too little tooooooooooooooo late.rofl

4. Alan01

Posts: 670; Member since: Mar 21, 2012

Actually, the BlackBerry Storm was launched via Verizon about a year before the Motorola DROID. The Storm was RIM's answer to the iPhone. It came to market over hyped but half baked. The DROID, on the other hand, was a huge hit right off the bat. Alan F.

5. digicon

Posts: 121; Member since: Aug 11, 2011

Thanx for keeping it real . . .

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